Residential Real Estate Sales Stay Ahead of COVID Curve in March

Released April 13, 2020:

1,672 homes sold in March in the Charleston region at a median price of $287,045 according to preliminary data released today by the Charleston Trident Association of Realtors®️ (CTAR). Last March, 1,577 homes sold at a median price of $275,045. Year-to-date, 4,145 homes have changed hands at a median price of $289,595. At this point last year, 3,778 homes had sold at a median price of $270,353. Year-to-date, sales are up 10% and median price has increased by 7%.

Inventory data shows 22% fewer homes for sale over the last 12-month period, with 4,921 homes listed as “active” for sale in the CHS Regional MLS database at the end of March.

“We had a lot of interest and activity from buyers prior to the onset of the COVID-19 crisis in our community. The strong activity in March positions us well for the inevitable impact of the global pandemic on our market” said 2020 CTAR President Bobette Fisher. “While we don’t yet know what that impact will look like, real estate has been classified as an essential service, and while it is far from business as usual right now, we are able to serve clients from a more virtual position and help keep at least this segment of the economy moving in a safe and positive way” she said. “One of the most immediate impacts is on our already low level of inventory, as some homeowners have taken their homes off the market temporarily, out of concern for their health and safety” said Fisher. “Charleston is in a somewhat unique position in that we continue to see buyer interest and demand in our market even as we progress through this highly unusual situation. I anticipate a strong return for our market, post-pandemic but we likely have several challenging months ahead” she said.

February Adjustment

1,302 homes sold in February in the Charleston region at a median price of $295,000. Updated data now shows 1,312 sales at the same median price.

Berkeley County

439 homes sold at a median price of $233,800 in Berkeley County in March, 376 single-family homes and 63 condos/townhomes. Year-to-date, 957 single-family homes have sold at a median price of $279,720 and 77 condos/townhomes at a median price of $185,000.

There are currently 1,081 residential properties for sale in Berkeley County; 822 single-family homes and 119 condos/townhomes.

Charleston County

813 homes sold at a median price of $328,475 in Charleston County in March, 593 single-family homes and 220 condos/townhomes. Year-to-date, 1,524 single-family homes have sold at a median price of $395,000 and 508 condos/townhomes at a median price of $247,155.

There are currently 2,770 residential properties for sale in Charleston County—1,975 single-family homes and 795 condos/townhomes.

Colleton County

60 homes sold at a median price of $218,125 in Colleton County in March, 30 single-family homes and 6 condos/townhomes. Year-to-date, 79 single-family homes have sold at a median price of $189,500 and 6 condos/townhomes at a median price of $253,750.

There are currently 154 residential properties for sale in Colleton County—136 single-family homes and 18 condos/townhomes.

Dorchester County

321 homes sold at a median price of $229,500 in Dorchester County in March, 280 single-family homes and 41 condos/townhomes. Year-to-date, 692 single-family homes have sold at a median price of $263,538 and 95 condos/townhomes at a median price of $192,000.

There are currently 650 residential properties for sale in Dorchester County—576 single-family homes and 74 condos/townhomes.